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fiscal cliff or no fiscal cliff. ♪ ♪ [ male announcer ] this is karen anjeremiah. they don'know it yet, but they' gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about mon. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on salary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket science. it's just common sense. from td ameritrade. david: the president's back at the white house and the senate met today for the first time since going on the holiday break. but seems like the political train is still heading for a cliff. shibani: taking all of us with it. so where are we flow? -- so where are we now, just days away from tax hikes. fox business's rich edson is live from the capitol. where are we rich? any closer or exactly where we were about 12 hours ago? rich: we're about 12 hours closer to the fiscal cliff as far as negot
fiscal cliff or no fiscal cliff. ♪ ♪ [ male announcer ] this is karen anjeremiah. they don'know it yet, but they' gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about mon. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on salary, not commission. they'll get straightforward guidance and be able to focus on other things,...
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Dec 27, 2012
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gerri: i want to talk about another issue with you that is a fiscal cliff going over the fiscal cliff, what will that do to housing? >> the worst case scenario in the fiscal cliff if the tax increases and spending cuts come into effect would be bad for the economy and would really hurt housing demand. even if the fiscal cliff is solved, less damaging ways to resolve the fiscal cliff, the housing market still might be affected if the mortgage interest deduction is cut back severely. right now the mortgage interest deduction cost the government roughly $100 billion per year in revenue and getting rid of that would likely increase home values particularly in more expensive areas. gerri: rehear it would put the brakes on selling and home buying in those areas. what are the issues for you? you know all the issues and housing, what are you looking for next year? >> three things have been really important, the first is the inventories of homes for sale are down sharply. that is great news for home sellers because there is less competition. bad news for buyers. demand is also up, rising rent,
gerri: i want to talk about another issue with you that is a fiscal cliff going over the fiscal cliff, what will that do to housing? >> the worst case scenario in the fiscal cliff if the tax increases and spending cuts come into effect would be bad for the economy and would really hurt housing demand. even if the fiscal cliff is solved, less damaging ways to resolve the fiscal cliff, the housing market still might be affected if the mortgage interest deduction is cut back severely. right...
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Dec 27, 2012
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so what is the fiscal cliff? the fiscal cliff is the check. it's the tab after the buffet of all that spending. so the irony is everyone in the beltway thinks it's so terrible we are going over the fiscal cliff because it's so irresponsible. well, ironically it's the opposite. the whole point of the fiscal cliff is when the fiscal cliff is cleared and we jump over it, we are getting rid of all the accounting game mix, the temporary stings of things that allow congress to pretend it's being fiscally responsible when it's not. what's going to happen? a lot of taxes will go up but taxes will go up on everybody, not injure the guy around the tree that's paying for everything but everyone will have to pay. and then folks will realize the government we are voting for costs us money too. >> that's the thing. if we don't go over the cliff and they don't reach a compromise, what will happen? they can't afford to keep spending like this. won't spending have to go down by virtue after compromise not being reached? spending will go down a little bit becau
so what is the fiscal cliff? the fiscal cliff is the check. it's the tab after the buffet of all that spending. so the irony is everyone in the beltway thinks it's so terrible we are going over the fiscal cliff because it's so irresponsible. well, ironically it's the opposite. the whole point of the fiscal cliff is when the fiscal cliff is cleared and we jump over it, we are getting rid of all the accounting game mix, the temporary stings of things that allow congress to pretend it's being...
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Dec 27, 2012
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cliff is not the fiscal cliff. it should be really called returning to the clinton era tax rates, which isn't that the democrats dream to return to the clinton era tax rates? >> no. that was 39%. i don't think that's a big deal and not comparable to what the rates were under reagan or going back to even clinton. clinton was 39%. >> that's where we are going, 39%. >> what about this? every time bainner and obama gets close to a deal, obama moves the goalpost back. >> because he's playing hardball. he's going, republicans, i don't care about that, i get that for free. he's kind of the guy that came to play and staunch for his side. >> the american people, when you look at the policy, they think it's president obama who is willing to compromise. >> because he's able to fit it in. because he hasn't conceded anything. >> and who are the obstructionists? who is afraid to move? it's my ideology, i can't negotiate. and even if we go off the cliff we endanger the whole economy. >> again, the idea of add hearing to a princip
cliff is not the fiscal cliff. it should be really called returning to the clinton era tax rates, which isn't that the democrats dream to return to the clinton era tax rates? >> no. that was 39%. i don't think that's a big deal and not comparable to what the rates were under reagan or going back to even clinton. clinton was 39%. >> that's where we are going, 39%. >> what about this? every time bainner and obama gets close to a deal, obama moves the goalpost back. >>...
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Dec 27, 2012
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>> forget the fiscal cliff. eric: forget the fiscal cliff, what about a container cliff and what that might do to the economy. a a nasty standoff between union workers and the companies could cripple the nation. unless two groups reach a deal, theyun planted strike down plano strike this weekend.if if the strike happened, some reports estimate for a billion dollars per day. >> there's no question, use the righte words, cripple the economy. the backbone of the trade on the export and import, eric. about $100 billion or more comes in and out where you have to have these strikes. co it is very devastating and could reverberate throughout thees country. food distributors, everybody would be affected by this strike if it goesrd forward. eric: what do the unions want and what is management willing to do, how far apart are these two groups? >> normally in a dispute with the unions it is about wages and benefits in this case it is not. what the unions are objecting to with reports i have been seeingu is new work rules a
>> forget the fiscal cliff. eric: forget the fiscal cliff, what about a container cliff and what that might do to the economy. a a nasty standoff between union workers and the companies could cripple the nation. unless two groups reach a deal, theyun planted strike down plano strike this weekend.if if the strike happened, some reports estimate for a billion dollars per day. >> there's no question, use the righte words, cripple the economy. the backbone of the trade on the export and...
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both options going over the fiscal cliff and not going over the fiscal cliff are losers. that leads to a big lie. when this was made it was supposed to be bad for both sides. remember, high taxes and democrat sweet 16 party. they love that stuff saming that to dems is saying i don't know sardines and mill sack bad for cats. they love this. that shows how democrats crank the republicans. the democrats are so good at politics. politics to them is like inmates making shivs. they do it all day. so at the end of the day they can stab you. republicans are going what just happened? i just got stabbed. that is what they do for a living. they're good at politics. >> eric: president obama said according to the "wall street journal" on thursday, boehner offered $800 billion in revenue increases. president obama said those don't count. those are mine. what is up with that? just o >> juan: obviously what the president is talking about is three times that for revenue increases. we'll give you a third of that. you know what? you have to count this as something we give you to negotiate w
both options going over the fiscal cliff and not going over the fiscal cliff are losers. that leads to a big lie. when this was made it was supposed to be bad for both sides. remember, high taxes and democrat sweet 16 party. they love that stuff saming that to dems is saying i don't know sardines and mill sack bad for cats. they love this. that shows how democrats crank the republicans. the democrats are so good at politics. politics to them is like inmates making shivs. they do it all day. so...
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Dec 27, 2012
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both options going over the fiscal cliff and not going over the fiscal cliff are losers. that leads to a big lie. when this was made it was supposed to be bad for both sides. remember, high taxes and democrat sweet 16 party. they love that stuff saming that to dems is saying i don't know sardines and mill sack bad for cats. they love this. that shows how democrats crank the republicans. the democrats are so good at politics. politics to them is like inmates making shivs. they do it all day. so at the end of the day they can stab you. republicans are going what just happened? i just got stabbed. that is what they do for a living. they're good at politics. >> eric: president obama said according to the "wall street journal" on thursday, boehner offered $800 billion in revenue increases. president obama said those don't count. those are mine. what is up with that? just o >> juan: obviously what the president is talking about is three times that for revenue increases. we'll give you a third of that. you know what? you have to count this as something we give you to negotiate w
both options going over the fiscal cliff and not going over the fiscal cliff are losers. that leads to a big lie. when this was made it was supposed to be bad for both sides. remember, high taxes and democrat sweet 16 party. they love that stuff saming that to dems is saying i don't know sardines and mill sack bad for cats. they love this. that shows how democrats crank the republicans. the democrats are so good at politics. politics to them is like inmates making shivs. they do it all day. so...
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people seem to think the fiscal cliff is fix the debt. the problem with the fiscal cliff, the thing we're trying to avoid, the actual danger to the economy, is that we will get too much deficit reduction too quickly. if reducing the deficit was what the economy needed we could go right off the cliff and leave it there. you can see it in this graph, that line going down. that is the fiscal cliff, we went over our deficit problems, gone baby, totally, totally gone. one thing the fear of the fiscal cliff shows by the way, in the fox hole, everyone's a kinsian. everyone agrees. that is number one. too much austerity way too quickly. president obama is not asking for that much in taxes. it's worth getting a bit of perspective in here. you'll be shocked to know, we got a graph for that. here's what happens if we go over the cliff. you get more than $5 trillion in tax increases off the bat. and now here's what happens if we pass the sainted simpson bowles plan. you've heard of the plan. they have 2.6 trillion in tax increases. president obama's
people seem to think the fiscal cliff is fix the debt. the problem with the fiscal cliff, the thing we're trying to avoid, the actual danger to the economy, is that we will get too much deficit reduction too quickly. if reducing the deficit was what the economy needed we could go right off the cliff and leave it there. you can see it in this graph, that line going down. that is the fiscal cliff, we went over our deficit problems, gone baby, totally, totally gone. one thing the fear of the...
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Dec 27, 2012
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if we do go over the fiscal cliff, yes, taxes will go up. molly outlined how much for every income levelcross the board. >> very hard. >> down the road, isn't it the only way we get our fiscal house back in order? >> that's what i'm hearing and i believe myself is that if -- you know, we're right back down to the law. all plunder and none plder but to insisthat only a few should pay is unfair. there's no guarantee wealthy people will keep money in this country. if we have a bloated government, everyone should feel the pitch. half of the country reelected barack obama and that's the half that will find out how much government costs. >> it seems that's where we're headed. can president obama come pack -- back and fix this fiscal cliff? >> no,e's decided he's not going to cut anything, anywhere. it's not a discussion. john boehner put the ball back in his court saying i'll ease up on taxes and he's not willing to cut significant spending. >> thank you very much. >>> fair and balanced. democratic congressman gregory meeks joins me live in the st
if we do go over the fiscal cliff, yes, taxes will go up. molly outlined how much for every income levelcross the board. >> very hard. >> down the road, isn't it the only way we get our fiscal house back in order? >> that's what i'm hearing and i believe myself is that if -- you know, we're right back down to the law. all plunder and none plder but to insisthat only a few should pay is unfair. there's no guarantee wealthy people will keep money in this country. if we have a...
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off the fiscal cliff, this fall is really going to hurt. that's what they said. >>> up next, it used to be a favorite republican pastime, going after hillary clinton. it hasn't happened for a while, of course, but what if she does run for president? how could they resist doing it again? you're watching haum, the place for politics. when you have diabetes... your doctor will say get smart about your weight. that's why there's glucerna hunger smart shakes. they have carb steady, with carbs that digest slowly to help minimize blood sugar spikes. [ male announcer ] glucerna hunger smart. a smart way to help manage hunger and diabetes. mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection, and because usaa's commitment to serve the military, veterans and their families is without equal. begin your legacy, get an auto insurance quote. usaa. we know what it means to serve. if by blessed y
off the fiscal cliff, this fall is really going to hurt. that's what they said. >>> up next, it used to be a favorite republican pastime, going after hillary clinton. it hasn't happened for a while, of course, but what if she does run for president? how could they resist doing it again? you're watching haum, the place for politics. when you have diabetes... your doctor will say get smart about your weight. that's why there's glucerna hunger smart shakes. they have carb steady, with...
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Dec 27, 2012
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kenneth vogel, talk about what is happening with the fiscal cliff right now in the major divisions within the republican party. you follow the conservative movement within the republican party. >> i think that is the story of the fiscal cliff stalemate, much as it was last year with the stalemate over increasing the debt ceiling. it is, in fact, these tea party members who are elected first in the conservative wave of 2010 when republicans took back the house, and subsequently, there were some additions to the sort of tea party caucuses in both the house and senate in 2012, but many fewer. in fact, many tea party members lost their re-election bid in 2012. it is hard to generalize, but you could look at a number of them and say that this sort of souring of public opinion on the tea party as a result of their perceived unwillingness to compromise in 2011 over the debt ceiling negotiations probably was held against them, probably heard not only them in their reelection bid, but also republicans more broadly and republican brand, because they are perceived to be the party of in transient as
kenneth vogel, talk about what is happening with the fiscal cliff right now in the major divisions within the republican party. you follow the conservative movement within the republican party. >> i think that is the story of the fiscal cliff stalemate, much as it was last year with the stalemate over increasing the debt ceiling. it is, in fact, these tea party members who are elected first in the conservative wave of 2010 when republicans took back the house, and subsequently, there were...
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Dec 28, 2012
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i hope you are working on the fiscal cliff. mr. speaker, lamentably and must tell them we are not working. we are not here. we're not addressing the challenges i have just mentioned. mr. speaker, i would hope that the speaker of the house would call us back immediately to address these challenges. we have four days left before the end of this year. before all those items that i spoke about expire. the sequester happens the second of january. we ought to be working here, mr. speaker. we are not. this is a pro forma session. as a set at the beginning, a pro forma session is a session without substance and without solutions. i would urge the speaker of this house to call us back into session, to do what america expect us to do, address the challenges and find solutions. come to agreement. make compromises. make democracy and america work. give confidence to our people and to our economy. i hope, mr. speaker, that the speaker will do that. and will do it today. i yield back the balance of my time. [captioning performed by national capt
i hope you are working on the fiscal cliff. mr. speaker, lamentably and must tell them we are not working. we are not here. we're not addressing the challenges i have just mentioned. mr. speaker, i would hope that the speaker of the house would call us back immediately to address these challenges. we have four days left before the end of this year. before all those items that i spoke about expire. the sequester happens the second of january. we ought to be working here, mr. speaker. we are not....
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nothing going over the fiscal cliff. let the tax cut expire. come back in, offer the tax cuts for people under 250. call them obama cuts and get it going. if you are in congress. you make $175,000 a year. you get vacation days off. they go back and smoke cigars, eat steak, drink wine and laugh. >> andrea: is there something wrong with eating and drinking? if with pay them to do it. >> eric: they want to hit the buffet line. >> andrea: do it on their own time. not when the country is in a financial crisis. i think obama gets a superhero cape after this. >> andrea: people say republican goes down either way on this. but the house and the senate, this last election by blaming republicans. does he think he will get blamed for this? no. he figures i can do whatever i want. leave the republicans out for dead. >> eric: he is winning the messaging game. that is clear. >> andrea: i say that with confidence. he was able to say look, i was willing to meet them halfway. more than 50%. they don't want to work with us together. he is coming off strong, comin
nothing going over the fiscal cliff. let the tax cut expire. come back in, offer the tax cuts for people under 250. call them obama cuts and get it going. if you are in congress. you make $175,000 a year. you get vacation days off. they go back and smoke cigars, eat steak, drink wine and laugh. >> andrea: is there something wrong with eating and drinking? if with pay them to do it. >> eric: they want to hit the buffet line. >> andrea: do it on their own time. not when the...
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caller: there is no fiscal cliff. nobody said what the actual fiscal cliff is. to try topoinloy confuse the american people. nobody has ever told us what the fiscal cliff means. it does not mean anything. it is all a plou. host: jack in montana, your on the air. caller: hi. i wanted to say that we just got an announcement -- i have a small business on the side, but i also am employed by a large employer. we got an announcement yesterday that they are going to raise our withholding rates and social security withholding. it is going to cost the average person a lot of money. i don't think there's any doubt that the fiscal cliff is bad. host: what did your notice say? caller: it said that tax tables will be used for 2013 and that you can expect that your check will be greatly impacted by the increased taxes and social security withholding. host: who do you work for? caller: the state of montana. host: david in pasadena, maryland. caller: good morning. i think if you change the name, it might give a better perspective. it should be called the bush giveaway fiscal cl
caller: there is no fiscal cliff. nobody said what the actual fiscal cliff is. to try topoinloy confuse the american people. nobody has ever told us what the fiscal cliff means. it does not mean anything. it is all a plou. host: jack in montana, your on the air. caller: hi. i wanted to say that we just got an announcement -- i have a small business on the side, but i also am employed by a large employer. we got an announcement yesterday that they are going to raise our withholding rates and...
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lawmakers gear up to tackle the fiscal cliff on capitol hill. >> the fiscal cliff deadline is inching closer. the aviation industry is not worried. they say they will not face immediate destruction. the defense industry urging congress to shift its attention from the cuts than to fighting over taxes. if the cuts take effect, many jobs would be lost. starbucks taking a stand on the cliff. asking customers to write "come together" on cups. toyota will take a $1.1 billion charge to settle a lawsuit that has to do with more than 10 million vehicles because of unintended acceleration. good news for the housing market. homes i use will rise as much as 2.5% nationwide. they expect 2013 to be a seller's market. the best places to buy include cleveland and philadelphia. i'm ellen braitman with the bloomberg business report. >> 5:22. support pours into newtown, connecticut. a memorial that includes every gift and a letter. don't forget to e-mail us your response to our water cooler question of the day. will you be more likely to visit a maryland casino now that some are open 24/7? you can share
lawmakers gear up to tackle the fiscal cliff on capitol hill. >> the fiscal cliff deadline is inching closer. the aviation industry is not worried. they say they will not face immediate destruction. the defense industry urging congress to shift its attention from the cuts than to fighting over taxes. if the cuts take effect, many jobs would be lost. starbucks taking a stand on the cliff. asking customers to write "come together" on cups. toyota will take a $1.1 billion charge to...
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four days until we head to the fiscal cliff. now it looks like childhood i go, you go games with neither side showing a willing nose go first. mike emanuel on where he head now. >> reporter: pessimistic tone for heading for the fiscal cliff in days. president obama and senators cut the christmas vacation short. the leader is happy to review what the president has in mind but to date they have not put forward a plan. late today, mcconnell expressed frustration. >> this is a conversation we should have had months ago. republicans aren't about to write a blank check or anything that senate democrats put forward just because we find ourselves at the essential. >> asked if he was going over the cliff, biden joked cliff? what cliff? this has been operated with a dictatorship of the speaker. not allowing the vast majority of the representatives to get what they want. they want them to return in case a deal is in the final hours. today, the u.s. is heading over the cliff. >> what goes away next week is the bush tax cut that they loathed
four days until we head to the fiscal cliff. now it looks like childhood i go, you go games with neither side showing a willing nose go first. mike emanuel on where he head now. >> reporter: pessimistic tone for heading for the fiscal cliff in days. president obama and senators cut the christmas vacation short. the leader is happy to review what the president has in mind but to date they have not put forward a plan. late today, mcconnell expressed frustration. >> this is a...
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we'll talk about the fiscal cliff ad knaus see yum. that's what we do when you're talking about the economy. appreciate you both being here. it is the fiscal cliff gridlock which is helping to suck the holiday cheer out of many shoppers. a new report says u.s. holiday sales climbed just .7 of a percent over last year. that is their slowest rate of growth since 2008 when the recession was in full force but are people just temporarily stuffing their money in the mattress due to the fisl cliff? or is this the start of a long-term spending halt by consumers? joining us to discuss all of this is retail analyst. we appreciate you being here. we were reporting about this today on the fox business network. one i think it was mastercard spending pulse saying it actually not the fiscal cliff, it was superstorm sandy. >> right. adam: at the end. day are consumers pulling back? doesn't matter if it was the storm or fear they're pulling back, right. >> that was a real good point you made. mastercard said this these numbers were becoming a concern f
we'll talk about the fiscal cliff ad knaus see yum. that's what we do when you're talking about the economy. appreciate you both being here. it is the fiscal cliff gridlock which is helping to suck the holiday cheer out of many shoppers. a new report says u.s. holiday sales climbed just .7 of a percent over last year. that is their slowest rate of growth since 2008 when the recession was in full force but are people just temporarily stuffing their money in the mattress due to the fisl cliff? or...
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the result of the fiscal cliff here is not risk off. it's risk protation into those areas of the investable landscape. look at emerging markets, lock at europe. they are decoupling. if anything, price is still very bull ir. i would rather listen to price. >> why do you say it's still very bullish? >> they recovered almost completely the loss which means the markets thinks tax puts will still be in play. the market is saying it's okay, you know, we've had an increase in market cap this year in the s&p 500 over $1 trillion. >> right. >> that's more than the cliff. >> let me go to my facebook friend michael carr. you speak washington ese. the house is convening. the president is -- >> doesn't it just make you sick? >> the were inthing you want to watch is eachon javers. i thought it was a perfect graphic. it's fabulous. you can't make it up. >> what do you do when you don't know what's going to happen, and you really don't. if you can get the debt limit thing right and guess how it's going to turn out or guess that it's actually going to d
the result of the fiscal cliff here is not risk off. it's risk protation into those areas of the investable landscape. look at emerging markets, lock at europe. they are decoupling. if anything, price is still very bull ir. i would rather listen to price. >> why do you say it's still very bullish? >> they recovered almost completely the loss which means the markets thinks tax puts will still be in play. the market is saying it's okay, you know, we've had an increase in market cap...
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what i want -- i don't want people to get excited about this fiscal cliff. right? so you laugh, right. >> i'm not laughing but if you take a dollar out of every -- that's a tax. >> i understand. i would rather self impose a tax than be forced to do something. therefore you're going to want to do it. for me, it's muscle memory. once you try it, you'll feel a tremendous patriotism and it will be -- >> did you hear that lieutenant colonel representative say we don't have a tax problem, we don't have a revenue problem, it's a spending problem? this doesn't address the problem in washington. that's the problem. >> again, once we band together, companies and citizens, we're listen, we need additional receipts, period. that's a known. it's going to happen for a period of time through -- >> you're a business guy. we're run out of time.j3 if you take in money but spend more, you're still taking in more money every year. you have to worry about the spending side, not revenue. >> the good faith program i started is going to force our elected officials to do something. we'll
what i want -- i don't want people to get excited about this fiscal cliff. right? so you laugh, right. >> i'm not laughing but if you take a dollar out of every -- that's a tax. >> i understand. i would rather self impose a tax than be forced to do something. therefore you're going to want to do it. for me, it's muscle memory. once you try it, you'll feel a tremendous patriotism and it will be -- >> did you hear that lieutenant colonel representative say we don't have a tax...
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tonight's question, who will the public blame if we go over the fiscal cliff? text a for democrats, text b for republicans to 622329. i'll bring you the results later in the show. >>> joining me now is congressman elijah cummings of maryland. welcome to the show. >> it's good to be with you. >> what do you make of the latest posturing. the house will they reconvene before january? they have a lot of stuff to do, so clearly they can't make it back to d.c. to do the people's business. >> as you said a few minutes ago, we have been assured we would be given at least 48 hours notice before we would have to come back, that means right now, is that probably the earliest we will come back is saturday morning. that would only leave saturday and sunday to get anything done, because i doubt that the house will be in session on new year's eve. i doubt it. >> right. >> basically what you're talking about right now, we have two days. this has been a game that's been played on this. this plan b that mr. boehner put forth was everybody knew it wasn't going anywhere. and sadly
tonight's question, who will the public blame if we go over the fiscal cliff? text a for democrats, text b for republicans to 622329. i'll bring you the results later in the show. >>> joining me now is congressman elijah cummings of maryland. welcome to the show. >> it's good to be with you. >> what do you make of the latest posturing. the house will they reconvene before january? they have a lot of stuff to do, so clearly they can't make it back to d.c. to do the people's...
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poll, 54% approve of his handling of the fiscal cliff. only 26% support joan boehner. so the politics of it is not even working for them. they're purists, but they're not being practical, even politically. everyone as they don't stand for what you and i may think is the right thing. they're not even being practical about this. >> well, with taxes, it's so complicated because the republican party has basically got taxation at the heart of its ideology. so what they're almost in a position -- they've force ed ths into a corner where what they almost sl to do is let the cliff kick in so that then they can vote to go back and reinstate some tax cuts as opposed to somehow translating any kind of vote they take, you know, grover nordquist was going to stand up and say they raised taxes on the wealthy. at this point, they've got the situation so backwards, that they're going to have to let the cliff kick in. >> let me ask you this quickly. we've got some good economic news yesterday. weekly unemployment claims have fallen to the lowest since mar
poll, 54% approve of his handling of the fiscal cliff. only 26% support joan boehner. so the politics of it is not even working for them. they're purists, but they're not being practical, even politically. everyone as they don't stand for what you and i may think is the right thing. they're not even being practical about this. >> well, with taxes, it's so complicated because the republican party has basically got taxation at the heart of its ideology. so what they're almost in a position...
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only four hours to go until america goes over the fiscal cliff. the dow jones industrial average down 113 points. had been down 148 points. look at that as we come on the air back above 13,000 level, not by much. the nasdaq, the biggest decline. 33 points. below 3,000 now at 2957. actually, hasn't been below 3,000 before that. s&p lower by 14 points. a decline of 1%. 1405 so holding onto the 1400 level. president obama is back at the white house. all eyes are on senate lawmakers now. amam jabbers is in washington. >> reporter: president obama did cut his vacation short in hawaii. he has arrived back at the white house this morning. the president emerging from marine one. what he's going to work on here in washington is pretty much anybody's guess at this point. the senate came back into session this morning and senate majority leader harry reid took to the senate floor to explain that he thought a $250,000 and above extension of the tax -- bush tax cuts could, in fact, pass and he was extremely, extremely angry in ways that you really hear on the
only four hours to go until america goes over the fiscal cliff. the dow jones industrial average down 113 points. had been down 148 points. look at that as we come on the air back above 13,000 level, not by much. the nasdaq, the biggest decline. 33 points. below 3,000 now at 2957. actually, hasn't been below 3,000 before that. s&p lower by 14 points. a decline of 1%. 1405 so holding onto the 1400 level. president obama is back at the white house. all eyes are on senate lawmakers now. amam...
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it's becoming more of a fiscal slope as oppose to a fiscal cliff. thank you within kelly. jonathan, i want to turn to you right here. harry reid was not holding back this morning on the senate floor. i want to play what he said about the 435 members in the house. >> there's 435 members of the house. what goes on in this country shouldn't be decided by the majority. it should be decided by the whole house of representatives. the speaker just has a few days left to change his mind. but i have to be very honest, mr. president, i don't know timewise how it can happen now. >> and we just heard from kelly about this possible new deal the president has sent over regarding the fiscal cliff. harry reid, though, there's not a lot of time left. >> no, there isn't a lot of time left. what the majority leader is referring to is we've been talking about a lot, the majority of the majority real that if boehner would put aside this tradition that if he's going to get anything passed, it has to be passed bay majority of the republican caucus. clearly there have been times on the little and
it's becoming more of a fiscal slope as oppose to a fiscal cliff. thank you within kelly. jonathan, i want to turn to you right here. harry reid was not holding back this morning on the senate floor. i want to play what he said about the 435 members in the house. >> there's 435 members of the house. what goes on in this country shouldn't be decided by the majority. it should be decided by the whole house of representatives. the speaker just has a few days left to change his mind. but i...
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if not for the so-called fiscal cliff debate they're trying to strike a deal on. that would be also on other legislation that would come up with 113th congress. democrats want to ensure they have 55 votes when the 113th congress begins on january 3rd. >> senior political editor mark murray for us on this thursday, appreciate it, sir. >> thank you, craig. >>> outrage of russian president vladimir putin's decision to sign a bill to block americans from adopting russian children and a video of a squarm bursting in a shopping mall. details on that story around the "news nation." [ male announcer ] eligible for medicare? that's a good thing, but it doesn't cover everything. only about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, they pick up some of what medicare doesn't pay. and save you up to thousands of dollars in out-of-pocket costs. call today to request a free decision guide to help you better unde
if not for the so-called fiscal cliff debate they're trying to strike a deal on. that would be also on other legislation that would come up with 113th congress. democrats want to ensure they have 55 votes when the 113th congress begins on january 3rd. >> senior political editor mark murray for us on this thursday, appreciate it, sir. >> thank you, craig. >>> outrage of russian president vladimir putin's decision to sign a bill to block americans from adopting russian...
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to avoid the looming fiscal cliff. with five days until major spending cuts kick in and taxes go up on everybody, the white house says president obama made separate phone calls to the senate leaders, harry reid, and john boehner. that was last night before the president took air force one from hawaii to washington. molly is live for us at the white house. update us on the next move from the obama administration. >> despite the phone calls that the president made before he left hawaii, he spoke to top democrats and republicans and no negotiation meetings have been set. at least not formally or public limit there's nothing set yet between all the sides to discuss this. the president's back in washington after he cut short vacation to get back to the white house for possible last minute fiscal cliff talks leaving his wife and daughters in hawaii. the vice president is scheduled to be here today for meetings. don't forget the obama administration and congress have the debt ceiling hanging over them. the u.s. set to hit the
to avoid the looming fiscal cliff. with five days until major spending cuts kick in and taxes go up on everybody, the white house says president obama made separate phone calls to the senate leaders, harry reid, and john boehner. that was last night before the president took air force one from hawaii to washington. molly is live for us at the white house. update us on the next move from the obama administration. >> despite the phone calls that the president made before he left hawaii, he...
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here's what happens if we go over the fiscal cliff. all the bush tax cuts, all of them will expire with taxes going up an average of $1600 per household. the payroll tax holiday also expires. that means the tax burden will go up an average $z700 per household extra. extended unemployment benefits expire so collection shrinks from 93 weeks to 26 weeks. the medicare doc fix expires, that means a 27% cut in physician payments. the alternative minimum tax expands to 27 million more americans and obama care taxes hit, meaning a 0.9% jump in the medicare payroll tax for those earning $200,000 or more. but what about the house of representatives? they left town after republicans failed to bring a vote on their own plan b last week. ohio republican congressman steve latourette seems kpas rat -- kpas rated about all of this. you're on your way out and you repudiated the norquist pledge which you signed back in 1994. tell me why? >> well, i repudiated it because, listen, it's not 1994 anymore. the world has moved on. we have the euro, we've had
here's what happens if we go over the fiscal cliff. all the bush tax cuts, all of them will expire with taxes going up an average of $1600 per household. the payroll tax holiday also expires. that means the tax burden will go up an average $z700 per household extra. extended unemployment benefits expire so collection shrinks from 93 weeks to 26 weeks. the medicare doc fix expires, that means a 27% cut in physician payments. the alternative minimum tax expands to 27 million more americans and...
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for progressives around the nation upset with you with fiscal cliff negotiations are going here's tom's take on what you need to do about it despite not adding a single penny to the national debt and having a two point six trillion dollars surplus which i'm talking about social security trust fund president obama put social security insurance on the table moving the so-called fiscal cliff negotiations even deeper into republican home turf think about it we're debating just how many rich people will get to keep george w. bush's tax cuts we're debating just how many seniors poor people and disabled people are going to suffer and how badly they're going to suffer when their social security insurance is gone we're debating which social welfare programs and unemployment is are going to expire this is the kind of debate you expect between a center right republican a far right republican between dwight eisenhower barry goldwater not between a democrat and a republican. on these grounds republicans when every time and the working class loses every time. instead president obama should be putting
for progressives around the nation upset with you with fiscal cliff negotiations are going here's tom's take on what you need to do about it despite not adding a single penny to the national debt and having a two point six trillion dollars surplus which i'm talking about social security trust fund president obama put social security insurance on the table moving the so-called fiscal cliff negotiations even deeper into republican home turf think about it we're debating just how many rich people...
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in washington are worried about the fiscal cliff is it's too much deficit reduction too fast. so all of this takes place against a debate about how to reduce the budget deficit. that's why you get into this theater of the absurd. >> well, and look at the tape you showed at the opening of the program with keith boykin over and over again showing the dysfunction of congress. they made this so onerous with the belief it would make them do something less onerous and now they're right up against it. >> they really know how to make these crises happen. political correspondent and writer, john howard, thank you very much for joining me and former labor secretary robert reich, thank you for joining me tonight. >>> coming up, the nra has done much more damage than you think. and they've made gun ownership much harder to trace. >>> and the romneys keep trying new explanations for why mitt lost. but they aren't getting any closer to the truth. and as some of you on twitter already know, i am wearing a christmas gift or two on the show tonight. there is still time to tweet your guesses ab
in washington are worried about the fiscal cliff is it's too much deficit reduction too fast. so all of this takes place against a debate about how to reduce the budget deficit. that's why you get into this theater of the absurd. >> well, and look at the tape you showed at the opening of the program with keith boykin over and over again showing the dysfunction of congress. they made this so onerous with the belief it would make them do something less onerous and now they're right up...
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it will depend on the fiscal cliff. if we go off the cliff and stay off of the cliff when we plummet down, in the next six to nine months. if they say they are going off of the cliff now but going to fix it early next year may be markets give washington a month or two to get their house in order. if that happens we will tread water for a while but not going to see a real problem. i don't think there's a cliff on january 1st that we cannot change withholdings, keep government spending going at the rate it is going so even though they don't fix it which is the way it looks right now doesn't mean we are going to tank right away in january provided markets believe eventually washington will get it done. lori: if you look of the message a number markets today, pete sell-off, stocks piling into treasuries, gold is up and oil is backing off, you have to wonder what is around the corner. can you be bullish at all at this point? >> you can be very bullish if you look at the labour market data today, provided they get this thing
it will depend on the fiscal cliff. if we go off the cliff and stay off of the cliff when we plummet down, in the next six to nine months. if they say they are going off of the cliff now but going to fix it early next year may be markets give washington a month or two to get their house in order. if that happens we will tread water for a while but not going to see a real problem. i don't think there's a cliff on january 1st that we cannot change withholdings, keep government spending going at...
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fiscal cliff next. you know how sometimes you see a story and it seems so for lengthly you think you understand it and then you glimpse something else you hear or see some other part of it and realize everything you thought you knew you don't know i'm tom harpur welcome to the big picture. here is mitt romney trying to figure out the name of that thing that we americans call a dollar. i'm sorry i'm just a guy who cares an awful lot about my country uses our own are through you know what kind of mind their terrorist cells in your neighborhood all want to give us a defeat terrorism on the on the liberal and the christian point just because your beliefs about it. you know the corporate media distracts us from what you and i should care about because they're a profit driven industry that sells us and facials that garbage he calls it breaking news i'm happy martin and we're going to break that. so tonight president obama is returning from his hawaiian christmas vacation early to get a jump start on fiscal cl
fiscal cliff next. you know how sometimes you see a story and it seems so for lengthly you think you understand it and then you glimpse something else you hear or see some other part of it and realize everything you thought you knew you don't know i'm tom harpur welcome to the big picture. here is mitt romney trying to figure out the name of that thing that we americans call a dollar. i'm sorry i'm just a guy who cares an awful lot about my country uses our own are through you know what kind of...
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. >> they're calling it the fiscal cliff. [ speaking foreign language ] >> john boehner seems to care more about keeping his speakership than about keeping the nation on firm financial footing. >> let's take the american people out of the line of fire in terms of taxes. >> it's being operated with a dictatorship of the speaker. >> i have never known john boehner not to have a plan. >> it seems pretty dark right now. >> it looks like there's no way there's going to be any deal done. >> so i say to the speaker, take the escape hatch we've left you. >> we're not going to get anything done that doesn't involve some measure of compromise. >> it's not 100% sure that's going to work any longer, and now that we know how fanatical the fanatics are. >> it's like blah, blah, blah. >>> a very busy day here in washington and we want to take you right to the senate floor where senator mitch mcconnell is actually speaking about the fiscal cliff. let's take a listen. >> we'll see what the president has to propose. members on both sides of the aisle will review it, and then we'll decide how best to pr
. >> they're calling it the fiscal cliff. [ speaking foreign language ] >> john boehner seems to care more about keeping his speakership than about keeping the nation on firm financial footing. >> let's take the american people out of the line of fire in terms of taxes. >> it's being operated with a dictatorship of the speaker. >> i have never known john boehner not to have a plan. >> it seems pretty dark right now. >> it looks like there's no way...
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if so are we going to have another fiscal cliff or a bunch that come to fruition here where we never see really a solution? >> well, it was very clear from the time that the super commit ee set its deadlines and the fact that the bush tax cuts were expiring, all this stuff was coming together. we saw this coming at least a year and a half away. it wasn't entirely clear whether or not they could come to some type of agreement, but it was quite possibly they wouldn't. there ought to be a new rule in congress that, look, you cannot create any more artificial crises if you can't actually resolve them. it's not fair to people to go and, you know, create all this panic if you can't save, you know, the situation. democrats are in a better spot after january 1st. everyone has known that. republicans have predicted, democrats have predicted it, they're going to pass 250, boehner will be reelected speaker, then he has to figure out how to rule the next two years. >>> ryan, joann, thanks for being with us. >>> we'll be right back. new years clutter is no match for someone with big ideas. with a
if so are we going to have another fiscal cliff or a bunch that come to fruition here where we never see really a solution? >> well, it was very clear from the time that the super commit ee set its deadlines and the fact that the bush tax cuts were expiring, all this stuff was coming together. we saw this coming at least a year and a half away. it wasn't entirely clear whether or not they could come to some type of agreement, but it was quite possibly they wouldn't. there ought to be a...
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saying you can't do this with the fiscal cliff. what a two months that will be. thanks so much for joining us. we appreciate it. joining me here in the studio with our first reads of the day, senior political editor mark murray. welcome. back and forth from the harry reid. we have congressional ping pong going on. you said it is time for house republicans to put middle class families first bypassing the senate's bill to protect 98% of americans on january 1st. the senate bill could pass tomorrow if the house republicans would lead it come to the floor. the house had two bills that collectively can avert the entire fiscal cliff if enacted. those bills await action by the senate. >> the classic ping pong gridlock and no way out. >> it's important to know how far we have come in the last seven days. a week ago we were closer than we had seen before on a particular deal. john boehner made a big concession allowing tax cuts to rise on income over a million dollars. president obama countered with a big concession and saying that that should be $400,000 and have fixes t
saying you can't do this with the fiscal cliff. what a two months that will be. thanks so much for joining us. we appreciate it. joining me here in the studio with our first reads of the day, senior political editor mark murray. welcome. back and forth from the harry reid. we have congressional ping pong going on. you said it is time for house republicans to put middle class families first bypassing the senate's bill to protect 98% of americans on january 1st. the senate bill could pass...
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that is the last day of fiscal cliff talks. the president departed hawaii to return to washington, where it is not just the temperature that is chillier. talks cooled over the holidays over how to avoid the massive tax hikes. they are set to begin in just a few days. >> taxes are going to go up no matter what. they could go up a lot more, and that is where the political hit comes. >> house republicans point the finger at the other chamber, saying the senate must act on a bill to avoid the fiscal cliff. a spokesman for harry reid some are blaming the gop for the holdup. no further legislation can move unless republicans drop their knee-jerk obstructionism. if the country falls off the fiscal cliff, it may feel gradual at first, except on wall street. >> the reaction from the financial markets and the stock markets -- you could see something quick. >> a top ceo is hoping to jolt them into action. he wants employees to write " come together" on the coffee cups. >> i am maintaining my optimism that we will see the republicans and a
that is the last day of fiscal cliff talks. the president departed hawaii to return to washington, where it is not just the temperature that is chillier. talks cooled over the holidays over how to avoid the massive tax hikes. they are set to begin in just a few days. >> taxes are going to go up no matter what. they could go up a lot more, and that is where the political hit comes. >> house republicans point the finger at the other chamber, saying the senate must act on a bill to...
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can we go over the fiscal cliff and not causing a recession? >> well, i think some people believe -- and i would argue that i think it is likely, president obama want the school to the fiscal cliff. gerri: i did hr you say that. why would you say that? >> because the next four years will be amess. a trillion dollars on higher taxes for obamacare, continued overspending because the president has refused to do any restraint spending, no entitlement reform, no trimming of spending. and the regulatory regime. the regulations that the obama people spent four years wriing. they have decided not to share them with us before the president got reelected. once his job was secure, he no longer had to care or pretend to care about your job. so now you have hundreds of billions of dollars of new regulations. maybe even more expensive than spending. gerri: i have to ask you this question. people talk to me about this all the me in new york city. they say higher taxes are grover norquist fault. he has not come to the table or been willing to negotiate. he is
can we go over the fiscal cliff and not causing a recession? >> well, i think some people believe -- and i would argue that i think it is likely, president obama want the school to the fiscal cliff. gerri: i did hr you say that. why would you say that? >> because the next four years will be amess. a trillion dollars on higher taxes for obamacare, continued overspending because the president has refused to do any restraint spending, no entitlement reform, no trimming of spending. and...
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fiscal cliff. es it d to breathe, but with advair, i'm breathing better. so now i can be in the scene. advair is clinically proven to help significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilator working together to help improve your lung function all day. advair won't replace fast-acting inhalers for sudden symptoms and should not be used more than twice a day. people with copd taking advair may have a higher chance of pneumonia. advair may increase your risk of osteoporosis and some eye problems. tell your doctor if you have a heart condition or high blood pressure before taking advair. if you're still having difficulty breathing, ask your doctor if including advair could help improve your lung function. get your first full prescription free and save on refills at advaircopd.com. with less chronic osteoarthritis pain. imagine living your life with less chronic low back pain. imagine you, with less pain. cymbalta
fiscal cliff. es it d to breathe, but with advair, i'm breathing better. so now i can be in the scene. advair is clinically proven to help significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilator working together to help improve your lung function all day. advair won't replace fast-acting inhalers for sudden symptoms and should not be used more than twice a day. people with copd taking advair may have a higher...
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>> it might be the fiscal cliff. one of the interesting trends we've seen in the last few months was business spending was taking a hit as companies scaled back their expansion plans, worried that we might be heading into ae investigation in 2013 because of the fiscal cliff. but we didn't see similar behavior on the part of consumers. what you're seeing now might be a sign that consumers have, in fact, begun to react to some of the evidence in the air, that things will be rough in the coming year. so i think what we see from the consumer confidence numbers out later today in the united states will be interesting in that regard. now, the one word of caution i would put in here is a lot of these informal retail surveys such as by the shopping center's association, they often don't line up well with the official numbers that we get from the u.s. government. >> so true. we also can look at the difference and say, well, maybe holiday discretionary spending wasn't as strong, but retail spending generally held up okay. mayb
>> it might be the fiscal cliff. one of the interesting trends we've seen in the last few months was business spending was taking a hit as companies scaled back their expansion plans, worried that we might be heading into ae investigation in 2013 because of the fiscal cliff. but we didn't see similar behavior on the part of consumers. what you're seeing now might be a sign that consumers have, in fact, begun to react to some of the evidence in the air, that things will be rough in the...
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fiscal cliff deal. meantime, treasury warns the government will hit its legal borrowing limit by monday. it's thursday, december 27th, 2012 and "squawk box" begins right now. >>> good morning and welcome to "squawk box" here on cnbc. i'm andrew ross sorkin along with joe kernen. becky continues to have the day off today. our guest host today is bob broska. house speaker john boehner urging the senate to come up with a passable fiscal cliff solution. he's promising to at least consider any bill that the upper chamber produces. senate majority leader harry reid now expected to base any legislation on a bill passed earlier this year to continue tax breaks for households will incomes below $250,000. a senate bill would likely contain an extension of expiring unemployment benefits. and the other big news of the morning, treasury secretary tim geithner unveiling a plan to buy time under the debt ceiling. in a letter to congress, geithner saying that treasury is going to begin taking steps this week to delay h
fiscal cliff deal. meantime, treasury warns the government will hit its legal borrowing limit by monday. it's thursday, december 27th, 2012 and "squawk box" begins right now. >>> good morning and welcome to "squawk box" here on cnbc. i'm andrew ross sorkin along with joe kernen. becky continues to have the day off today. our guest host today is bob broska. house speaker john boehner urging the senate to come up with a passable fiscal cliff solution. he's promising...
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thank you. >>> coming up next, the fiscal cliff. we're close enough now to peek over the edge of that cliff. insiders say buckle up and prepare for the worst. ♪ ooh baby, looks like you need a little help there ♪ ♪ ooh baby, can i do for you today? ♪ [ female announcer ] need help keeping your digestive balance? align can help. only align has bifantis, a patented probiotic that naturally helps maintain your digestive balance. try align to help retain a balanced digestive system. try the #1 gastroenterologist recommended probiotic. align. >>> we are so close to the fiscal cliff right now we can pra practically look over the edge. in fact, some people are saying it might even be too late for a deal and we'll go over that cliff. harry reid just took to the senate floor 30 minutes ago to say he thinks it's likely we're going to go over the cliff. republicans like house speaker john boehner and mitch mcconnell have been radio silent on negotiations. joining me is will kain and roland martin, a political analyst and columnist. wel
thank you. >>> coming up next, the fiscal cliff. we're close enough now to peek over the edge of that cliff. insiders say buckle up and prepare for the worst. ♪ ooh baby, looks like you need a little help there ♪ ♪ ooh baby, can i do for you today? ♪ [ female announcer ] need help keeping your digestive balance? align can help. only align has bifantis, a patented probiotic that naturally helps maintain your digestive balance. try align to help retain a balanced digestive...
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and avoid going over the fiscal cliff. that is crucial work, mr. president, but striking the right balance between protecting our country and protecting our individual liberties is also important work, and for that reason, i wanted to walk through the history of the fisa amendments act this morning, describe why it was so important particularly for us to get even an accounting -- remember, mr. president, this doesn't disrupt any operations in the intelligence community. this is just an accounting of how many law-abiding americans have had their communications swept up under this law. that work is crucial, too. and for that reason, mr. president, i hope that on a bipartisan basis the amendments will be viewed favorably by the senate when we begin voting, and, mr. president, thank you for your indulgence for being part of this discussion, presiding in the chair, with special thanks to the distinguished majority leader, who gave me the opportunity to open this discussion about fisa this morning. with that, mr. president, i yield the floor. mrs. feinst
and avoid going over the fiscal cliff. that is crucial work, mr. president, but striking the right balance between protecting our country and protecting our individual liberties is also important work, and for that reason, i wanted to walk through the history of the fisa amendments act this morning, describe why it was so important particularly for us to get even an accounting -- remember, mr. president, this doesn't disrupt any operations in the intelligence community. this is just an...
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all about the fiscal cliff. it's all about how the distrust in washington really makes some significant progress tomorrow. we need some movement from the president. we need some progress. so, we'll have our keen eye on that and more importantly, we'll have our keen eye on discussions surrounding the 2% payroll tax cut which has been quite absent. so, hopefully tomorrow we'll see some sort of progress on that front. >> all right, gentlemen, thank you both for, all three for joining us today and we will watch very carefully. tomorrow could be very, very interesting. that does it for us. thank you for watching. >> indeed. "fast money" starting right now. >>> live from the nasdaq market site in new york city's times square, i'm melissa lee. here are tonight's top three trades. cliff hanger. will we or won't we fall off the edge? only two trading days left to take your positions. block buster returns. his stock is up nearly 90%. michael burns of lionsgate gives us a sneak peak. and technical difficulty. why the chart
all about the fiscal cliff. it's all about how the distrust in washington really makes some significant progress tomorrow. we need some movement from the president. we need some progress. so, we'll have our keen eye on that and more importantly, we'll have our keen eye on discussions surrounding the 2% payroll tax cut which has been quite absent. so, hopefully tomorrow we'll see some sort of progress on that front. >> all right, gentlemen, thank you both for, all three for joining us...
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[laughter] greg: there are some predictions on avoiding the fiscal cliff. while president obama has returned to washington dc to try to help lawmakers come up with a plan, how speaker john boehner says one of the groups leaders suggested that we are going over the fiscal cliff. it's all but guarantee. she progression congressional correspondent mike emanuel joins us now for. the president and the senators are in washington. that would appear to be a good sign, is that correct? reporter: yes and no. the tone publicly has not been very good so far. we know that the president obama, on the way back from hawaii, worked the phones a bit, talking to the top four congressional leaders. speaker boehner, nancy pelosi, mitch mcconnell, and harry reid. earlier today, the senate majority leader sounded frustrated with the republicans in congress. >> nothing can move forward unless speaker boehner and mitch mcconnell are willing to come up with a bipartisan plan to participate. speaker boehner is unwilling to negotiate. we have not heard a word since neither mcconnell.
[laughter] greg: there are some predictions on avoiding the fiscal cliff. while president obama has returned to washington dc to try to help lawmakers come up with a plan, how speaker john boehner says one of the groups leaders suggested that we are going over the fiscal cliff. it's all but guarantee. she progression congressional correspondent mike emanuel joins us now for. the president and the senators are in washington. that would appear to be a good sign, is that correct? reporter: yes and...